Down Payment Savings Calculator
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Months to Goal62
Years to Goal5
Total Contributions$72,000.00
Interest Earned$9,036.54
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Frequently Asked Questions
How much down payment do I need?
Conventional loans typically require 3–20%. With less than 20% down, you'll pay PMI (~0.5–1.5%/year). FHA loans allow 3.5% down. A 20% down payment eliminates PMI and reduces your monthly payment significantly.
When should I refinance my mortgage?
Refinancing typically makes sense when the new rate is at least 0.5–1% lower than your current rate, your break-even point is within 3–5 years, and you plan to stay in the home long enough to recoup closing costs.
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